With valuable personal data and high regulatory requirements, financial services firms face immense pressure to protect systems, data, and reputations.
The financial services sector remains a primary focal point for cybercriminals. With banks, investment management firms, and insurers continually expanding their operations and embracing novel technologies, these organizations amplify their risk exposure as well as increased regulatory scrutiny.
It is hardly surprising that threat actors persist in devising fresh tactics to exploit vulnerabilities and target these establishments. Such entities possess all the essential elements of an enticing target: substantial financial assets, intricate distributed systems, and vast troves of invaluable client information. Any breach poses a substantial threat to their trustworthiness, credibility, integrity, and standing as a dependable financial partner.
Beazley Security stands ready to fortify the defenses of financial institutions both promptly and continually. Our experts boast profound insights into the industry and a comprehensive understanding of the ever-evolving spectrum of risks that its leaders encounter.
From banking and insurance, to retail-oriented services, we understand the complexities of financial services.
With high value targets and heavy regulatory requirements, successfully supporting financial services clients requires specialized experience and a proven track record for mitigating threats.
Spear Phishing
A financial services firm's systems were compromised due to a spear-phishing scheme that resulted in a fraudulent wire transfer and potential exfiltration of emails with customer PII. Beazley Security’s Cyber Services recommended forensics and privacy counsel, and they concluded (after an extensive manual review of data) that the firm was legally obligated to notify 3,300 individuals. Beazley Security Cyber Services coordinated a notification and call center services vendor, as well as credit monitoring.
Hacking or Data Breach
A bank experienced a sophisticated malware attack, where bad actors were in their system for at least six months. The criminals set up fake accounts and money was withdrawn from the bank from those fake accounts. The forensic investigation was extremely expensive due to the type of malware. Together with Beazley Security’s Cyber Services, the bank notified and provided credit monitoring to nearly 30,000 individuals whose credit card numbers, Social Security numbers, and driver’s license numbers may have been exposed.
Unintended Disclosure
A credit union's web server was compromised and Beazley Security’s Cyber Services recommended working with panel privacy counsel and a forensic firm. The forensic investigation revealed that two compromises had occurred. The compromised information included 5,000-6,000 members' Social Security numbers, driver licenses numbers, and addresses. And even though member information was encrypted on the system, the attackers were able to elevate privileges to unencrypt and exfiltrate the data. Beazley Security’s Cyber Services coordinated a mailing and call center services vendor, as well as credit monitoring.
Beazley Security’s team is communicative, knowledgeable, and easy to work with at any level.
Beazley Security’s team of IT experts are responsive and efficient, providing actionable solutions to enhance our cyber security practices.
Operations were brought to a halt due to ransomware. But with Beazley Security’s help we knew the full extent of the attack and recovered, and in time for the kids to have their holiday parties.
Following a massive ransomware attack, the Beazley Security team worked relentlessly to restore computers, servers, and IT operations to get us back online with patient services.
Beazley Security helped our team navigate through a complex maze of information and data, expertly and knowledgeably advising on cyber security strategy in a practical and understandable manner.